As your parents get older, you want to do everything possible to make sure that they continue to enjoy a great quality of life. Getting older can be anxiety provoking seniors because of uncertainty about how life will change. Children of seniors can help their parents alleviate anxiety helping them with estate planning. Some people think that estate planning is only about wills and inheritances. In reality, estate planning also involves plans for what happens before a person passes on.
Power of attorney
A power of attorney is a vital tool that makes it possible for you to make decisions on another person’s behalf. It gives you authority to be a proxy with regards to medical care, asset management, and basic contracts. If, for example, one of your parents must be hospitalized, a power of attorney enables you to take care of important matters. You and your parents can be very specific about the scope of authority in a power of attorney. You could choose to limit it to medical decisions and exclude financial decisions.
Living will
In Tennessee, a living will or an advance care plan is a legal document with directives about medical care. In the event that a person is incapacitated and cannot consent to medical care or refuse it, having a living will ensures that care providers follow their wishes.
Ultimately, it’s never too early to start a conversation about estate planning with your parents. Some advance preparation can make getting through difficult times a lot more manageable.
